Technology / Media – Market Business Newshttp://marketbusinessnews.com
The latest business news around the world. Written by Market Business News's very own editorial team to deliver reliable, up to date, and honest news.Wed, 21 Feb 2018 20:48:27 +0000en-GBhourly1http://marketbusinessnews.com/wp-content/uploads/2015/11/cropped-Screen-Shot-2015-11-11-at-10.58.36-PM-32x32.pngTechnology / Media – Market Business Newshttp://marketbusinessnews.com
323255684572Laser method allows safe wireless charging of smartphonehttp://marketbusinessnews.com/laser-method-allows-safe-wireless-charging-smartphone/174558
http://marketbusinessnews.com/laser-method-allows-safe-wireless-charging-smartphone/174558#respondWed, 21 Feb 2018 17:56:53 +0000http://marketbusinessnews.com/?p=174558Engineers have developed a safe laser method that allows wireless charging of smartphones and other mobile devices over a short distance, such as from one side of a room to the other. The team, which hails from University of Washington in Seattle in the United States, says that the wireless charging system can charge a […]]]>

Engineers have developed a safe laser method that allows wireless charging of smartphones and other mobile devices over a short distance, such as from one side of a room to the other.

The team, which hails from University of Washington in Seattle in the United States, says that the wireless charging system can charge a smartphone in around the same time as it takes using a standard USB connection.

The guard beams that surround the charging laser beam rapidly switch it off if someone moves into their path. The beams are normally invisible, but shown here in red so you can see them. Image: Mark Stone/University of Washington

You can read about the system in a paper that was recently published in the Proceedings of the Association for Computing Machinery on Interactive, Mobile, Wearable and Ubiquitous Technologies.

Technical and safety challenges

As well as the technical challenge of delivering a minimum of 1 watt of power across a room without using bulky equipment, safety was a prime consideration in the design of the wireless charging system.

The engineers achieved this by surrounding the main high-power laser beam that delivers the charge with harmless “guard beams” that shut off the main beam if a person crosses their path.

In addition to the main beam shut-off safety mechanism, the system also includes a heatsink that stops the smartphone over-heating.

“These features,” explains Arka Majumdar, an assistant professor of physics and electrical engineering and co-leader of the study team, “give our wireless charging system the robust safety standards needed to apply it to a variety of commercial and home settings.”

Potential to increase range

The smartphone receives the charge from the laser beam into a power cell that is mounted on the back of the phone.

Tests of the wireless charging system showed that it could deliver more than 2 watts of power to an area of 15 square inches over distances of up to 14 feet, or 4.3 meters, from the laser emitter.

Furthermore, the tests showed that the guard beams can detect and shut off the main charging beam extremely fast – before “a human moving at a maximum speed of 44 [meters per second] can even enter the high-power laser beam area.”

The team also believes that it is possible to increase the radius of the charging beam so that it can deliver power to an area of up to 100 square centimeters that is up to 12 meters, or 40 feet, away.

These increases mean that the device could be placed anywhere on a larger charging surface – such as a tabletop or counter – to receive the charging beam.

By programming the smartphone to signal its location, the team can ensure that the laser emitter can detect when you place it on the charging surface.

The researchers believe that their wireless charging system will also be able to charge other devices, such as tablets, cameras, and perhaps even desktop computers.

]]>http://marketbusinessnews.com/laser-method-allows-safe-wireless-charging-smartphone/174558/feed/0174558Smartphone shipments declined by 9% in the fourth quarter of 2017http://marketbusinessnews.com/smartphone-shipments-declined-9-fourth-quarter-2017/173527
http://marketbusinessnews.com/smartphone-shipments-declined-9-fourth-quarter-2017/173527#respondFri, 02 Feb 2018 04:41:40 +0000http://marketbusinessnews.com/?p=173527Smartphone shipments declined by 9% in the fourth quarter of 2017 to 400 million units from 438.7 million shipments in the fourth quarter of 2016. The drop is the biggest annual decline in smartphone history, according to statistics from Strategy Analytics. The global smartphone market was significantly affected by a dip in demand in China […]]]>

Smartphone shipments declined by 9% in the fourth quarter of 2017 to 400 million units from 438.7 million shipments in the fourth quarter of 2016.

The drop is the biggest annual decline in smartphone history, according to statistics from Strategy Analytics.

The global smartphone market was significantly affected by a dip in demand in China market.

Demand for smartphones in China dropped by 16 percent annually.

Linda Sui, Director at Strategy Analytics, said:

“Global smartphone shipments declined 9 percent annually from 438.7 million units in Q4 2016 to 400.2 million in Q4 2017. It was the biggest annual fall in smartphone history.

“The shrinkage in global smartphone shipments was caused by a collapse in the huge China market, where demand fell 16 percent annually due to longer replacement rates, fewer operator subsidies and a general lack of wow models.

“However, on a full-year basis, global smartphone shipments grew 1 percent and topped an impressive 1.5 billion units for the first time ever.”

Apple overtook Samsung in the fourth quarter, boasting 19% global market share, despite shipments slipping by 1% annually from 78.3 million in Q4 2016 down to 77.3 million in Q4 2017.

Neil Mawston, Executive Director at Strategy Analytics, commented:

“Apple shipped 77.3 million smartphones worldwide in Q4 2017, slipping 1 percent annually from 78.3 million in Q4 2016. Despite robust iPhone X demand and an iPhone average selling price approaching an incredible US$800, we note global iPhone volumes have actually declined on an annual basis for 5 of the past 8 quarters.

“If Apple wants to expand shipment volumes in the future, it will need to launch a new wave of cheaper iPhones and start to push down, not up, the pricing curve. Samsung dipped 4 percent annually and shipped 74.4 million smartphones for 19 percent marketshare worldwide in Q4 2017, up slightly from 18 percent share a year ago.

“Samsung is under pressure from Chinese rivals in some major markets, like China and India, but it remains by far the largest smartphone brand on a global basis, shipping an unmatched 317.5 million units in full-year 2017.”

]]>http://marketbusinessnews.com/smartphone-shipments-declined-9-fourth-quarter-2017/173527/feed/0173527Cyptocurrency miners used YouTube ads to drain CPU power off of visitorshttp://marketbusinessnews.com/cyptocurrency-miners-used-youtube-ads-drain-cpu-power-off-visitors/173254
http://marketbusinessnews.com/cyptocurrency-miners-used-youtube-ads-drain-cpu-power-off-visitors/173254#respondSun, 28 Jan 2018 22:41:33 +0000http://marketbusinessnews.com/?p=173254Cryptocurrency miners found a new way of using other people’s computers to give their cryptocurrency mining a boost: running ads on YouTube that consume visitors’ CPU power. An Ars Tecnica report published on Friday revealed that certain ads on YouTube were found to “covertly leach off visitors’ CPUs and electricity to generate digital currency on […]]]>

Cryptocurrency miners found a new way of using other people’s computers to give their cryptocurrency mining a boost: running ads on YouTube that consume visitors’ CPU power.

An Ars Tecnica report published on Friday revealed that certain ads on YouTube were found to “covertly leach off visitors’ CPUs and electricity to generate digital currency on behalf of anonymous attackers.”

Some of the affected YouTube users went to social media about how their antivirus programs were detecting cryptocurrency mining code in certain ads that popped up whilst watching Youtube.

A Google representative told Ars Tecnica that the ads were taken down in less than two hours and the attackers were subsequently removed from its platforms:

“Mining cryptocurrency through ads is a relatively new form of abuse that violates our policies and one that we’ve been monitoring actively.

“We enforce our policies through a multi-layered detection system across our platforms which we update as new threats emerge.

“In this case, the ads were blocked in less than two hours and the malicious actors were quickly removed from our platforms.”

]]>http://marketbusinessnews.com/cyptocurrency-miners-used-youtube-ads-drain-cpu-power-off-visitors/173254/feed/0173254Mayor asks: How can we make London the world’s top smart city?http://marketbusinessnews.com/mayor-asks-can-make-london-worlds-top-smart-city/173202
http://marketbusinessnews.com/mayor-asks-can-make-london-worlds-top-smart-city/173202#respondSun, 28 Jan 2018 14:27:23 +0000http://marketbusinessnews.com/?p=173202The Mayor of London, Sadiq Khan, is inviting Londoners to give their ideas on how smart technology could improve their lives and help make the English capital the world’s top smart city. Khan’s appeal to city dwellers, businesses, academics, public servants, and other stakeholders launches the Listening Exercise phase of the Smart London Plan. The […]]]>

The Mayor of London, Sadiq Khan, is inviting Londoners to give their ideas on how smart technology could improve their lives and help make the English capital the world’s top smart city.

Khan’s appeal to city dwellers, businesses, academics, public servants, and other stakeholders launches the Listening Exercise phase of the Smart London Plan.

The Mayor wants London to be the “global home of the data economy.” pixabay-1942868

The aim is to design technology around the needs of Londoners by ensuring “better digital collaboration across London’s boroughs and public services, better data-sharing, improved connectivity and digital skills.”

“We want London,” says Khan, “to be the global home of the data economy, to seize the benefits of new artificial intelligence, and inspire a new generation of inventors and developers to make our city even better.”

He especially wants to hear from “London’s thriving tech sector – already the envy of cities around the world” as their participation will really help to make the plan work.

He says that London’s public services is already at the forefront in terms of using new technology to improve people’s lives. He now wants to use the plan to push towards a “more inclusive London.”

What is a smart city?

The term “smart city” became mainstream around the turn of the century and there are probably as many definitions of the term as there are cities that have a smart city plan.

Initially, the term meant using information and communication technology (ICT) to serve the communities that live and work in cities. Later, with more use, the term broadened to encompass other domains.

In his recently published book “Understanding Smart Cities: A Tool for Smart Government or an Industrial Trick?”, Leonidas G. Anthopoulos of the Technological Educational Institute (TEI) in Larissa, Greece, suggests that “smart city” has become an umbrella term that covers the use of ICT and innovation to address six domains: “people, economy, governance, mobility, environment, and living.”

In addition, there is an emphasis on addressing the challenges posed by these domains in ways that are economically, socially, and environmentally sustainable.

For example, the city of Vienna in Austria, defines smart cities as “forward-looking, progressive, and resource-efficient,” while also providing a “high quality of life.”

Vienna’s definition spans technological and social innovation, promotes environmentally friendly energy and transport, and new approaches to governance and public participation.

Top smart city example rankings

While there is no single, widely-accepted definition or measure of a smart city, some are gaining wide recognition. In the following three, London has featured near, but not at, the top in the latest top smart city rankings.

– Ericsson Networked Society City Index, which measures “sustainable urban development and ICT maturity.” In 2016 and 2014, London came second to Stockholm.

– IESE Cities in Motion Index, which measures “governance, urban planning, public management, technology, environment, international impact, social cohesion, transportation, human capital, economy.” In 2017, London came second to New York.

-Juniper Research Worldwide Smart Cities, which measures “technology, transport, energy, open data, and economy.” In 2016, London came in third place after Singapore and Barcelona.

Although London may not yet have made it as the world’s top smart city, it is the best run, according to the World Economic Forum, who define “best run cities” as those that are “innovative, smart, and forward-looking,” and that “attract people, businesses, and investment.”

London’s working definition of a top smart city

To set the ball rolling with the public participation, the Smart London Board has put together their “working definition” of a world-leading smart city.

In a nutshell, they see that to become the world’s top smart city, London needs to harness the power of data to meet the pressures of a growing city in a collaborative way – by and for Londoners.

More specifically, they see a smarter London as a city that:

– uses the power of data to solve city problems in an open and inclusive way
– promotes opportunities to use smart technology and digital ways of working to manage the pressures of a growing city
– leads, rather than follows, the technology curve
– encourages its world-class scientific, creative, and tech communities to work closely with public institutions and utilities

What happens next

The collaboration will take the form of what the board call “five workstreams,” which will focus on: collaboration and innovation; city data; connectivity; digital skills; and openness and responsibility.

The board have also set out a list of questions, probing areas such as what experience do people have of developing services across sectors and what challenges they have encountered, and how might the tech and public sectors work together better.

]]>http://marketbusinessnews.com/mayor-asks-can-make-london-worlds-top-smart-city/173202/feed/0173202Netflix reports 36% increase in streaming revenue in 2017http://marketbusinessnews.com/netflix-reports-36-increase-streaming-revenue-2017/172952
http://marketbusinessnews.com/netflix-reports-36-increase-streaming-revenue-2017/172952#respondTue, 23 Jan 2018 03:10:32 +0000http://marketbusinessnews.com/?p=172952Netflix reported a 36% increase in streaming revenue in 2017 (up to just over $11.6 billion) and 24 million new memberships, bringing the total number of members to 117.5 million across 190 countries. In a letter to shareholders the company said that it had a “beautiful” fourth quarter, reporting revenue of $3.286 billion in the […]]]>

Netflix reported a 36% increase in streaming revenue in 2017 (up to just over $11.6 billion) and 24 million new memberships, bringing the total number of members to 117.5 million across 190 countries.

In a letter to shareholders the company said that it had a “beautiful” fourth quarter, reporting revenue of $3.286 billion in the final quarter of 2018 (up from $2.478 billion in Q4 2016) and operating income of $245 million (compared to $154 million in the prior year´s last quarter).

Netflix said investment content is paying off. Average streaming hours per membership rose by 9% year-over-year in 2017.tflix

US memberships rose by 2.0 million in Q4 (beating its forecast of 1.25m) bringing total FY17 net adds to 5.3 million, while internationally Netflix added 6.36 million memberships (versus its forecast of 5.05 million).

Netflix’s international segment delivered its first full year of positive contribution profit of $227 million (4.5% contribution margin).

Operating income in Q417 rose to $245 million (7.5% margin) compared to $154 million in the previous year (6.2% margin) and beat the company’s initial forecast of $238 million.

The streaming giant noted that it took a $39 million non-cash charge in Q4 for “unreleased content” that it decided not to move forward with.

“This charge was recognized in content expense in cost of revenues. Despite this unexpected expense, we slightly exceeded our contribution profit and operating income forecast due to our stronger than expected member growth and the timing of international content spend,” the company said.

Netflix forecasts that it will add a total of 6.35 million memberships, of which 1.45 million will be in the US and 4.9 million internationally.

“We believe our big investments in content are paying off,” Netflix said in its letter to shareholders. “In 2017, average streaming hours per membership grew by 9% year-over-year. With greater than expected member growth (resulting in more revenue), we now plan to spend $7.5-$8 billion on content in 2018.”

]]>http://marketbusinessnews.com/netflix-reports-36-increase-streaming-revenue-2017/172952/feed/0172952Nintendo Switch is the fastest selling home video console in US historyhttp://marketbusinessnews.com/nintendo-switch-fastest-selling-home-video-console-us-history/171910
http://marketbusinessnews.com/nintendo-switch-fastest-selling-home-video-console-us-history/171910#respondFri, 05 Jan 2018 04:33:47 +0000http://marketbusinessnews.com/?p=171910The Nintendo Switch has become the fastest selling home video console in US history in the 10-month period since its launch last year – despite supply problems for most of 2017. Nintendo sold 4.8 million Switch units in the US since it was released in March 2017 through the beginning of this month. The previous […]]]>

The Nintendo Switch has become the fastest selling home video console in US history in the 10-month period since its launch last year – despite supply problems for most of 2017.

Nintendo sold 4.8 million Switch units in the US since it was released in March 2017 through the beginning of this month.

The previous record holder was Nintendo’s Wii system, which sold 4 million units within the same 10-month timeframe.

The Nintendo Switch.

“We believe that this is because the core proposition of Nintendo Switch, a home console that you can play anytime, anywhere, with anyone, is resonating with consumers,” said Reggie Fils-Aimé, president and chief operating officer of Nintendo of America. “It’s a whole new way to play video games, and a whole new way to think about what ‘home console’ means.”

Nintendo forecasts that it will ship almost 17 million Switch units by the time its financial year ends in March 2018, topping lifetime sales of the Wii U worldwide.

Nintendo also revealed the best performing games on the platform. Over half (55%) of Switch owners have the critically acclaimed Legend of Zelda: Breath of the Wild, translating into sales of at least 2.64 million units, while over 60% of Switch owners have Super Mario Odyssey (2.88 million units).

“A key tenet for the first ten months of Nintendo Switch was making sure we had a steady cadence of fantastic content.

“For calendar 2018 and beyond, our focus is the same. We need to make sure we’ve got a cadence of great content to motivate the consumer, and we’re going to continue to announce the details of those games in due time, and on a rolling basis.”

Since the company launched the Nintendo Entertainment System (NES) in 1983, it has sold more than 4.5 billion video games and more than 710 million hardware units worldwide. Hardware refers to the physical items in a computer system.

]]>http://marketbusinessnews.com/nintendo-switch-fastest-selling-home-video-console-us-history/171910/feed/0171910Automation risks worsening wage inequality in the UK, warns IPPRhttp://marketbusinessnews.com/automation-risks-worsening-wage-inequality-uk-warns-ippr/171514
http://marketbusinessnews.com/automation-risks-worsening-wage-inequality-uk-warns-ippr/171514#respondFri, 29 Dec 2017 06:36:50 +0000http://marketbusinessnews.com/?p=171514Automation risks worsening wage inequality in the UK, widening the income gap of the country’s richest and poorest, according to a new report by the Institute for Public Policy Research. The report found that the rise of automation will affect low-wage, low-skilled jobs the most; as robots begin mastering tasks that are currently performed by […]]]>

Automation risks worsening wage inequality in the UK, widening the income gap of the country’s richest and poorest, according to a new report by the Institute for Public Policy Research.

The report found that the rise of automation will affect low-wage, low-skilled jobs the most; as robots begin mastering tasks that are currently performed by human workers.

The IPPR said low-wage jobs have five times more “technical potential” to be automated than highly-paid jobs, with the transportation, manufacturing and retail trade sectors among those at highest risk.

The IPPR’s analysis shows that 44% of current jobs in Britain have the potential to be automated and are associated with £290bn of wages each year.

Factory automation in the glass industry.

Carys Roberts, a research fellow at the IPPR, was quoted by Yahoo Finance as saying: “Some people will get a pay rise while others are trapped in low-pay, low-productivity sectors.

“To avoid inequality rising, the government should look at ways to spread capital ownership, and make sure everyone benefits from increased automation.”

Despite the risks automation poses to low-wage jobs, the think tank did say that new technologies in the field have the potential to help raise UK productivity growth by between 0.8 to 1.4% annually and give the economy a GDP boost of up to 10% by 2030.

Mathew Lawrence, a senior research fellow at the IPPR, said: “Managed badly, the benefits of automation could be narrowly concentrated, benefiting those who own capital and highly skilled workers. Inequality would spiral.

“Managed well, though, with a strategy to increase adoption of technologies in the everyday economy and new models of ownership to spread the benefits, automation could help create a future of shared economic plenty.”

Government “committed” to overcoming obstacles

A spokesman for the Department for Business, Energy and Industrial Strategy told the BBC that the labour market is “resilient and diverse”, adding that new technologies help “bring new jobs”.

“The government is committed to ensuring that the UK is to able to seize the opportunities and overcome the obstacles that exist in this area,” he said.

“Government is working closely with industry to ensure the benefits of new technologies are felt across different sectors of the economy up and down the country, while creating new high-skill, well-paid jobs.”

]]>http://marketbusinessnews.com/automation-risks-worsening-wage-inequality-uk-warns-ippr/171514/feed/0171514Apples agrees to pay Ireland 13 billion euros ($15.4 billion) in back taxeshttp://marketbusinessnews.com/apples-agrees-pay-ireland-13-billion-euros-15-4-billion-back-taxes/170844
http://marketbusinessnews.com/apples-agrees-pay-ireland-13-billion-euros-15-4-billion-back-taxes/170844#respondWed, 06 Dec 2017 23:13:35 +0000http://marketbusinessnews.com/?p=170844Apple has agreed to pay Ireland 13 billion euros ($15.4 billion) in back taxes. The money will be paid into an escrow account beginning early next year. The agreement follows a ruling made by the European Commission that the US tech firm’s Irish tax benefits were illegal between 2003 and 2014. In 2003 Apple paid […]]]>

The money will be paid into an escrow account beginning early next year.

The agreement follows a ruling made by the European Commission that the US tech firm’s Irish tax benefits were illegal between 2003 and 2014.

In 2003 Apple paid an effective corporate tax rate of 1 per cent on its European profits. In 2014, Apple Sales International, an Irish subsidiary of the company, paid a rate as low as 0.005 per cent.

EU Commissioner Margrethe Vestager said last year that “the Commission’s investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years.”

Tim Cook, Apple CEO.

Apple CEO Tim Cook said that the Commission’s decision was “maddening”.

The money will be kept in escrow while Ireland appeals the decision.

The Irish government hopes that the Commission’s decision will be annulled.

The Irish Finance Ministry said in a statement: “These sums will be placed into an escrow fund with the proceeds being released only when there has been a final determination in the European Courts over the validity of the Commission’s Decision.”

Apple said in a Monday statement:

“We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated.”

“We remain confident the General Court of the EU will overturn the Commission’s decision once it has reviewed all the evidence.”

]]>http://marketbusinessnews.com/apples-agrees-pay-ireland-13-billion-euros-15-4-billion-back-taxes/170844/feed/0170844New rules will prevent broadband firms from misleading speeds of servicehttp://marketbusinessnews.com/new-rules-will-prevent-broadband-firms-misleading-speeds-service/170219
http://marketbusinessnews.com/new-rules-will-prevent-broadband-firms-misleading-speeds-service/170219#respondThu, 23 Nov 2017 04:19:05 +0000http://marketbusinessnews.com/?p=170219The Committee on Advertising Practice (CAP) Firms will be implementing new rules next year preventing firms in the UK from advertising misleading campaigns about their broadband speeds to consumers. Many providers, including BT, Sky, TalkTalk and Virgin, advertise speeds that are based on the max speeds that only a few of their customers actually end […]]]>

The Committee on Advertising Practice (CAP) Firms will be implementing new rules next year preventing firms in the UK from advertising misleading campaigns about their broadband speeds to consumers.

Many providers, including BT, Sky, TalkTalk and Virgin, advertise speeds that are based on the max speeds that only a few of their customers actually end up getting.

The new rules are being put into force to tackle this discrepancy. A lot of consumers receive broadband speeds lower than what companies claim they will get in their advertisements.

Existing rules allow firms to advertise their headline speeds that only one tenth of their customers receive.

However, from May next year, firms will only be able to advertise the speed that at least half of their customers get.

“There are a lot of factors that affect the broadband speed a customer is going to get in their own home; from technology to geography, to how a household uses broadband.

“Our new standards will give consumers a better understanding of the broadband speeds offered by different providers when deciding to switch providers.”

UK Minister of State for Digital & Culture, Matt Hancock, said the new standards are a victory for consumers.

“I’m delighted to see that Cap is finally changing the way broadband speeds are advertised. Headline ‘up to’ speeds that only need to be available to 10% of consumers are incredibly misleading – customers need clear, concise and accurate information in order to make an informed choice.”

Managing director of home products and services at consumer group Which?, Alex Neill, commented:

“Millions of households are currently experiencing broadband speeds that just don’t live up to their expectations and unrealistic adverts showing speeds you’re never likely to get don’t help.

“It is good to see people may finally see the speeds they could achieve before they sign up to a deal.”

]]>http://marketbusinessnews.com/new-rules-will-prevent-broadband-firms-misleading-speeds-service/170219/feed/0170219Alibaba reports 61% rise in revenueshttp://marketbusinessnews.com/alibaba-reports-61-rise-revenues/169198
http://marketbusinessnews.com/alibaba-reports-61-rise-revenues/169198#respondFri, 03 Nov 2017 06:37:21 +0000http://marketbusinessnews.com/?p=169198Chinese e-commerce giant Alibaba reported a 61% rise in revenues to 55.1 billion yuan ($8.3 billion) for the three months to September compared to the same period last year, beating analysts’ estimates. Revenue from its core e-commerce business rose 63 percent to 46.46 billion yuan from the same quarter a year earlier, while revenue from […]]]>

Chinese e-commerce giant Alibaba reported a 61% rise in revenues to 55.1 billion yuan ($8.3 billion) for the three months to September compared to the same period last year, beating analysts’ estimates.

Revenue from its core e-commerce business rose 63 percent to 46.46 billion yuan from the same quarter a year earlier, while revenue from its cloud computing segment rose 99% year-over-year to 2.975 billion yuan ($447 million).

Net income increased to 17.4 billion yuan ($2.6 billion).

Alibaba founder Jack Ma.

The number of mobile monthly active users of Alibaba’s retail marketplaces in China reached 549 million in September 2017, an increase of 20 million over June 2017.

The company, headed by billionaire entrepreneur Jack Ma, also raised its revenue predictions for the full-year forecast.

“We are seeing the early results from our efforts to integrate online and offline with our New Retail strategy, and consumers have benefited from access to high quality products, improved customer experience and the tremendous convenience of shopping anytime, anywhere,” Zhang added.

“This quarter we delivered excellent results, with overall revenue growth of 61% demonstrating the robust momentum in our core commerce business and across the Alibaba economy,” said Maggie Wu, Chief Financial Officer of Alibaba Group.

“We generated approximately US$3.4 billion in non-GAAP free cash flow during the quarter,1 which enables us to invest in our future growth areas of core commerce, including logistics, cloud computing, digital entertainment and other innovation initiatives.”